Bernstein Litowitz Berger & Grossmann LLP Announce Notice of Pendency of Class Action and Proposed Settlement for All Persons Who Purchased or Otherwise Acquired Doximity, Inc., Common Stock June 24, 2021 through August 8, 2023
PR Newswire
LOS ANGELES, April 1, 2026
LOS ANGELES, April 1, 2026 /PRNewswire/ --
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
IN RE DOXIMITY, INC. SECURITIES | Case No. 5:24-cv-02281-NW Judge: Hon. Noël Wise Courtroom: 3, Fifth Floor |
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED
SETTLEMENT; (II) SETTLEMENT HEARING; AND (III) MOTION FOR
ATTORNEYS' FEES AND LITIGATION EXPENSES
TO: All persons who purchased or otherwise acquired Doximity, Inc. ("Doximity") common stock from June 24, 2021 through August 8, 2023, inclusive (the "Class Period"), and were damaged thereby ("Settlement Class"):1
PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED
BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California ("Court"), that the above-captioned securities class action (the "Action") is pending in the Court.
YOU ARE ALSO NOTIFIED that Lead Plaintiff New York City District Council of Carpenters Pension Fund, on behalf of itself and the Settlement Class, and Defendants Doximity, Inc. ("Doximity" or the "Company") and Jeffrey Tangney (together, "Defendants") have reached a proposed settlement of the Action on behalf of the Settlement Class for $31,000,000 in cash (the "Settlement"). If approved by the Court, the Settlement will resolve all claims in the Action.
In the Action, Lead Plaintiff asserts civil federal securities law claims against Doximity and its Chief Executive Officer, Jeffrey Tangney, arising from allegedly materially false and misleading statements during the Class Period regarding the percentage of doctors who were "active members" on the Doximity platform and record high levels of overall engagement in certain quarters of the Class Period. Lead Plaintiff alleges that Defendants' alleged misstatements violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), and that Tangney controlled Doximity when the misstatements were made, in violation of Section 20(a) of the Exchange Act. Defendants expressly deny that Lead Plaintiff has asserted any valid claims as to either of them, and expressly deny any and all allegations of fault, liability, wrongdoing, or damages whatsoever in connection with the Action, including, but not limited to, any allegations that Defendants have committed any violations of the federal securities laws or any other law, that Defendants have acted improperly in any way, and/or that Defendants have any liability or owe any damages of any kind to Lead Plaintiff and/or the Settlement Class. Issues and defenses at issue in the Action included, among others, (i) whether Defendants made materially false statements or omissions; (ii) whether Defendants made the statements with the required state of mind; (iii) whether the alleged misstatements caused Settlement Class Members' losses; and (iv) the amount of damages, if any.2
A hearing ("Settlement Hearing") will be held on June 10, 2026 at 9:00 a.m. Pacific Time, before the Honorable Noël Wise, United States District Court Judge for the Northern District of California, either in person at Courtroom 3, 5th Floor of the Robert F. Peckham Federal Building & United States Courthouse, 280 South 1st Street, San Jose, CA 95113, or by telephone or videoconference (in the discretion of the Court), to determine, among other things: (i) whether, for purposes of settlement, the Action should be certified as a class action on behalf of the Settlement Class, Lead Plaintiff should be appointed as the class representative for the Settlement Class, and Lead Counsel should be appointed as class counsel for the Settlement Class; (ii) whether the Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate to the Settlement Class, and should be finally approved by the Court; (iii) whether the Action should be dismissed with prejudice against Defendants and the releases specified and described in the Stipulation (and in the Notice) should be granted; (iv) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (v) whether Lead Counsel's motion for attorneys' fees in an amount not to exceed 25% of the Settlement Fund and payment of expenses in an amount not to exceed $850,000 (which amount may include a request for reimbursement of the reasonable costs and expenses incurred by Lead Plaintiff directly related to its representation of the Settlement Class) should be approved. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the website for the Settlement, www.DoximitySecuritiesLitigation.com.
If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement proceeds. This notice provides only a summary of the information contained in the detailed Notice. You may obtain a copy of the Notice, along with the Claim Form, by: (i) contacting the Claims Administrator at Doximity Securities Litigation, c/o A.B. Data, Ltd., P.O. Box 173117, Milwaukee, WI 53217, 1-800-254-2939, info@DoximitySecuritiesLitigation.com; or (ii) downloading them from the website for the Settlement, www.DoximitySecuritiesLitigation.com.
To be eligible to receive a payment from the Settlement, you must be a member of the Settlement Class and submit a Claim Form postmarked (if mailed), or online, no later than July 16, 2026, in accordance with the instructions set forth in the Claim Form. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the Settlement proceeds, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than May 20, 2026, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not receive any benefits from the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel's motion for attorneys' fees and expenses, must be submitted to the Court. Objections must be filed or postmarked (if mailed) no later than May 20, 2026, in accordance with the instructions set forth in the Notice.
PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE. All questions about this notice, the Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.
Requests for the Notice and Claim Form should be made to the Claims Administrator:
Doximity Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173117
Milwaukee, WI 53217
1-800-254-2939
info@DoximitySecuritiesLitigation.com
www.DoximitySecuritiesLitigation.com
All other inquiries should be made to Lead Counsel:
Bernstein Litowitz Berger & Grossmann LLP
Jonathan D. Uslaner
2121 Avenue of the Stars, Suite 2575
Los Angeles, CA 90067
1-800-380-8496
settlements@blbglaw.com
BY ORDER OF THE COURT
United States District Court
Northern District of California
1 Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the full Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses (the "Notice"), available at www.DoximitySecuritiesLitigation.com.
2 Capitalized terms not otherwise defined herein shall have the same meaning as in the Stipulation and Agreement of Settlement dated December 24, 2025 ("Stipulation"). The Stipulation can be viewed at www.DoximitySecuritiesLitigation.com.
View original content:SOURCE Bernstein Litowitz Berger & Grossmann LLP
